Hey yo, what the tuesday word with my family, the Chico army & if this is your 1st time, just a lowly viewer of the tube My name is Tyler, the host of the crypto channel whose content looks like it’s going to go one way, but then breakDANCE, kind of like this girl washing her car
she got them booker T spinaroonie moves on, it’s time for Chico Crypto! And away…she goes! BTC has done it, and broken the resistance many thought wasn’t possible12k, and as of yesterday, we were staying above And like I mentioned over this weekend's livestream, in which I though the price would pump above 12k, this is seriously unknown territory for the Bitcoin price, shoot even being above 10k is fairly unknown What do I mean? Well over the past 3 years, btc hasn’t spent much time above 10k November 28th 2017, we break 10k and push up to 20k, but then fall back under by January 31st 2018
A total of 65 days above 10k Then we broke 10k for a tad bit of time, between February 2018 and March a total of 22 days to be exact Finally we broke 10k again on June 20th of 2019, and basically stayed above it until September 20th of the same year, a total of 92 days above 10k And finally the most recent one which began on July 27th of this year, so we have a total of 22 days above 10k since then Adding all the days together, we have basically stayed 6
5 months, just over half a year, over the past 3 years above 10k That is just 18 percent of the time That means, there is the chance for bullish price discovery, as a flurry of shorts gets absolutely blown through Now people understand this is unknown territory, and if the past has told us anything, shorting when we get into this unknown territory can be very profitable So pulling back out the 3 year price chart, when we fell under 10k in January of 2018, the price immediately dipped into the 6k range, rebounded but eventually fell into the 3k range
Shorters, they made out like bandits then Then we broke 10k again in June of 2019, by March of 2020 the price had fallen to the 5k range, shorters once again made out pretty damn well during that time…so now that we have once again crossed the critical mark, there a shorters, who have been around this whole time, who could foresee it happening again Thus in my personal opinion, there is a lot more money, for the exchanges to be made in the short term on the way up, than the way down Rekting the bearish whales, who think the past is an indicator of the future
As I personally don’t see too many people putting in too many LONGs when the unknown is staring them right in the face That’s just my opinion, who knows what these markets could do in the short term, but the long term bullish case for BTICOIN is being written like a storybook before our eyes This case, is Bitcoins verifiable, immutable and ever shrinking supply of Coins… There’s a Bitcoin shortage if you didn’t know And it’s only going to get more apparent as the clock goes tick, tick, tick… So let’s talk about BITCOIN Supply
It’s a controlled supply system using computer code, and the peer to peer network of bitcoin nodes and miners The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless That’s basically how it works, and as we know, the 21 million BTC supply hardcap is coded into the bitcoin protocolthat is the MAX supply that will ever be created, and the release of these coins is following a halving schedule, where about every 4 years, the total amount issued per year, is cut in half Scarcity, is a feature of BITCOIN, not a bug like some would lead you to believe Satoshi created BTC as he anticipated it just might replace the traditional money supply In an email with former BTC core dev, Mike Hearn Satoshi semi explained the reason for the 21 million hard cap
He said this “ My choice for the number of coins and distribution schedule was an educated guess I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that’s very hard I ended up picking something in the middle If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit
and he goes on to compare this with a Euro Example… So he was kind of predicting, and anticipating, bitcoin being where it is today, being used for some fraction of world commerce, and Satoshi said, regarding this “then there’s only going to be 21 million coins for the whole world” That is the key word, only 21 million coins, for the whole world And it’s actually going to be less than that
Its estimated between 25 million to over 35 million BTC are lost forever, so you can take that down to at max 185 million coins Which if you didn’t realize where we are on the emission schedule, that is about how many coins are actually in circulation right now, or have been emitted about 18
5 million So, we are already at the max, 185 million & guess how many millionaires there are in this world? Estimates by the 2019 global wealth report put it around 47 million They are the top of the global wealth pyramid, just 9 percent of the population, which owns 43
9 of the global wealth Now if every single one of these pyramid toppers wanted some bitcoin, you would need to dive 185 million by 47 million, and that gives you a total for each millionaire, just 39 of a BTC Now these millionaires own a diverse range of assets, stonks, real estate, companies, and many precious metals as a hedge
Why wouldn’t they want BITCOIN as it surges back into the spotlight & deeper into mainstream thought I’ve always held this thought, even when I first got into the industry, the limited supply & number of millionaires alone could push BTC to limits we only dreamed of, as having a whole BTC could become a power symbol of sorts for millionaires in the future And the millionaire tide is turning I’m sure you heard last week Microstragey was adopting BTC as their primary reserve asset, by purchasing 21,454 BTC for a price of 250 million You know who MicroStratiges founder and CEO is? Multi Millionare, Micheal Saylor…
and guess what Mike tweeted in 2013 “Bitcoin days are numbered It seems like just a matter of time before it suffers the same fate as online gambling” But it isn’t only the millionaires, there are billionaires too Over 2100 of them worldwide according to the most recent estimates And this arena of people, are the ones whose portfolios are majority made up of businesses and shares in companies, controlling seats, corporate governance heads & the like These people always have a wide web of power and control
And when they start turning towards BTC, you know things are looking ripe In May of this year, it was announced that famed hedge fund Billionare, Paul Tudor Jones was buying Bitcoin as part of his portfolio to hedge against inflation And he actually explained the move and how much of his portfolio is in BTC, let’s listen in now Well Tudor, if you have 2 percent, that is 116 million dollars of your wealth in BTC & as we can see while he was on CNBCs squawk box talking about it, BTC was at 9128 With the growth recently, to over 12300, that is a 35 percent return, if Tudor did it on that day
That would mean, his BET on BTC, would now be 157 million dollars Pushing up in percentage in his portfolio That is just one example of a billionaire who has gone BTC, I’m sure you know of Chamat Polyapatia, who has been vocal of his support for BTC across the airwaves, and being featured on many different Bitcoin related podcasts, channels, and talks Now like I said, these billionaires have influence across their web of control, and when they start turning the tide on BTC, so do their companies Just like the multi millionaire example of Micheal Saylor and his company Microstrategy
the millionaires and billionaires are coming, to save their wealth, and we are going to have a Bitcoin shortage Cheers viewers I’ll see you next time!
